FxWirePro: NZD/USD trade idea
Source: FxWire Pro - Technicals / 19 Jun 2018 04:27:07 America/New_York
FxWirePro Currency Strength Index for NZD/USD: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -169.568 (Bearish)
FxWirePro's Hourly USD Spot Index was at 150.763 (Bullish)
Technical Analysis: Bias Bearish
- Price extends weakness after rejection at 55-EMA, breaks below 20-DMA
- 5-DMA sharply lower, caps upside.
- Stochs have rolled over from overbought levels, momentum with the bears.
- RSI has slipped below 50, bias lower, -ve DMI dominance on daily charts
- MACD shows bearish crossover on signal line, ADX above 25 and rising
Support levels - 0.6882 (May 30 low), 0.6865 (major trendline support), 0.6851 (May 16 low)
Resistance levels - 0.6957 (5-DMA), 0.6976 (20-DMA), 0.70
Recommendation: Good to go short on upticks around 0.6905/15, SL: 0.6955, TP: 0.6865/ 0.6850/ 0.6825
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